Term Insurance 278 views April 30, 2020

Now Buy Insurance Policies Using e-KYC

During the ongoing lockdown, while most of the people are confined in their homes to curb the spread of the COVID-19 Pandemic, this is indeed the time to look into your personal finances and investments.

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In an attempt to simplify the purchase of the insurance, the Insurance Regulatory authority of India (IRDAI), authorized the Indian Insurance companies to avail the Aadhaar- based authentication services of Unique identification Authority of India(UIDAI) to fulfil the Know Your Customers (KYC) norms.

This E-KYC option has enabled the insurer to replace a certain set of documents like photograph, identity and address proof with Aadhaar. However, the proof of income and medical statement(if required) will still have to scanned and uploaded. This move will help enable the policy purchase and KYC fulfilment process in a distance mode wherein the you can do it from your home with just a click of button.

Considering the present situation, in the Pandemic-driven lockdown, this facility has come in an opportune time to make the onboarding process completely digital and creating a paperless online journey, when it is impossible to meet the customers personally. You can easily buy policies by adopting online facilities and need not to procrastinate buying insurance which is very important in these testing times.

The Regulator, IRDAI has come up with a list of companies who can undertake this process. Find the full list here –

  1. Bajaj Allianz Life Insurance Company Limited
  2. Bharti AXA Life Insurance Company Limited
  3. Exide Life Insurance Company Limited
  4. HDFC Life Insurance Company Limited
  5. ICICI Prudential Life Insurance Company Limited
  6. India First Life Insurance Company Limited
  7. Max Life Insurance Company Limited
  8. PNB MetLife India Insurance Company Limited
  9. SBI Life Insurance Company Limited
  10. Future Generali India Life Insurance Company Limited
  11. Reliance Nippon Life Insurance Company Limited
  12. Aegon Life Insurance Company Limited
  13. Shriram Life Insurance Company Limited
  14. Aditya Birla Sun Life Insurance Company Limited
  15. Pramerica Life Insurance Company Limited
  16. Kotak Mahindra Life Insurance Company Limited
  17. Star Union Dai-ichi Life Insurance Company Limited
  18. IDBI Federal Life Insurance Company Limited
  19. Edelweiss Tokio Life Insurance Company Limited
  20. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
  21. Kotak Mahindra General Insurance Company Limited
  22. Manipal Cigna Health Insurance Company Limited
  23. ACKO General Insurance Limited
  24. Care Health Insurance Company Limited
  25. Royal Sundaram General Insurance Company Limited
  26. SBI General Insurance Company Limited
  27. HDFC Ergo General Insurance Company Limited
  28. HDFC ERGO Health Insurance Limited (Formerly Apollo Munich Health Insurance Company Limited

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